Median house prices for the Dubbo 2830 postcode have hit another record.
In new data released by Core Logic, the median housing price for Dubbo reached $400,000 for the rolling year to April.
The record price is backed by a second record, with the number of sales reaching 942 in the rolling year to April 2021.
This compares to the Orange 2800 postcode where the median house price was $505,000 to April 2021, and the Bathurst 2795 postcode where the median house price tipped $450,000.
Real Estate Institute of NSW Orana Division spokesperson Bob Berry said while the price had fluctuated, the housing market still retained the affordability which has shaped the Dubbo market for the past 30 years.
In Dubbo, in the 30 months since October 2018, there has been an increase of 3.24 per cent per annun on the median housing price for the city.
"Record low interest rates, record low rental vacancy rates, high employment and a strong rural economy since the drought broke in early 2020, have continued to drive the Dubbo economy, with demand for housing from both owner occupiers and investors," Mr Berry said.
"Part of this demand has been from buyers coming to Dubbo to take up employment opportunities in both the private and public sectors, and this demand is continuing."
"Many houses are being sold within a week of listing as buyers compete for the available supply, with multiple offers being received on some homes, often above the original asking price."
Ray White chief economist Nerida Conisbee said record levels of net migration into the regions from capital cities had lead to the increase.
"For decades, government policy has aimed to move people out of congested capital cities and into regional Australia. While this has had some success, it was nowhere near as successful as COVID," she said.
While growth in regional house prices had been consistent during the pandemic, Ms Conisbee said that the prolonged Sydney lockdown could contribute to further price spike in some areas toward the tail end of the year.
Read more property news in our Race to the Regions section here.
"It's possible, one of the things we found in Melbourne last year was that the extended lockdown did lead to people warning more space across Australia. Broadly, COVID did lead to a desire to move out to regional Australia.
"Extended lockdowns do seem to extend the trend, so it's quite possible that it could drive property in regional NSW [this year]."
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